GREELEY — Renewable energy startup Syrcuit Energy Solutions Inc. has raised $6 million in a private placement, the company announced in a news release.
Syrcuit, which was founded in October 2021, will develop and install renewable energy systems for commercial and industrial clients that have large-scale utility needs. It will specialize in solar and geothermal energy.
“This is a very welcome investment from our network and is a momentous event for Syrcuit,” Craig Rasmuson, Syrcuit CEO and founding partner, said in a prepared statement. “It’s a clear vote of confidence in our leadership team and our ability to navigate and thrive in the energy sector. This initial round of funding will allow the company to propel its operations and compete immediately. Management believes that all types of energy resources, both traditional and renewable, will be needed to meet consumer’s needs, and we look forward to continuing to build on our past successes in this region.”
Syrcuit plans to have its first installation under contract by the third quarter of 2022. It plans to use the $6 million private placement to develop strategic partnerships, secure land for future development projects, and general working capital purposes.